Opening up early access to super for housing would have a negative effect on the balances of even those members that don’t dig into their savings, with funds forced to adopt more conservative investment strategies and hold more liquid assets.
The circa $88 billion industry fund for workers in health and community services reckons that alleviating the affordable housing crisis will boost its other investments by easing the cost of living and inflation.
eSecLending closes Australian office
(Pictured: Giselle Awad)
eSecLending, the world’s largest non-bank-aligned securities lending firm, has closed its Australian office and is expected to revert to servicing the APAC region from Boston and London.
Giselle Awad, a former trader at RBC in Australia, the US and UK, had been the Australasian representative for eSecLending for the past five years, based in Sydney. She declined to comment except to say she wished the company and its clients well. Simon Lee, who is based in London but who is familiar with the Australian and Asian markets, filling in for Awad last year when she was on maternity leave, also declined to comment.
eSecLending was acquired by private equity firm Parthenon in conjunction with former State Street securities lending guru Craig Starble in August last year. Starble became the firm’s chief executive.
It is understood the Australian office closure followed a review of global operations by Parthenon and the new management.
In its announcement last August, Parthenon said: “Founded in 2000 to provide an alternative approach to securities lending, eSecLending is the largest independent securities lending agent. Their clients include asset managers, pension funds, insurance companies, and corporations, whose combined assets under management exceed $2 trillion. Having auctioned close to $3 trillion in assets since inception, eSecLending is widely recognized as the auction leader in the industry, bringing the only transparent, disciplined and repeatable trading process to securities lending.”
